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High Altitude, Higher Prices: Domestic Airfares Jump 150%

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Arik Airplane - Investors King

Nigerian air travelers are reeling from a dramatic increase in domestic airfares with prices skyrocketing by 150% over the past year.

This surge has forced many passengers to reconsider their travel options, opting for road transport despite the risks involved.

Passengers like Dare Adepoju, who frequently commutes between Lagos and Abuja for business and family visits, have expressed frustration.

“It’s unsustainable,” he lamented. “With flights nearing N200,000 for just an hour, I’m exhausted.”

Social media is abuzz with similar sentiments. Akinloa Adejuwon tweeted about the tough choice between costly flights and unsafe roads, highlighting the dire situation many Nigerians face.

The fare increase is attributed to a limited number of operational aircraft. Airline Operators of Nigeria revealed that many planes are grounded due to maintenance needs and lack of access to foreign exchange for repairs.

The current situation sees airlines like Ibom Air and Air Peace charging up to N238,000 for a one-way ticket between major cities.

This price jump, from about N51,000 last year, reflects the severe challenges the industry faces.

Capt. Roland Iyayi, a senior member of the Airline Operators of Nigeria, pointed to the shortage of aircraft as a primary cause.

“Making forex available to airlines is crucial for resolving this crisis,” he stated.

As the industry grapples with these challenges, passengers continue to hope for relief. The aviation sector’s future hinges on addressing these issues, ensuring safe and affordable travel for all Nigerians.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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